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Equity-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Schedule of Employee Stock-Based Compensation Expense | Employee stock-based compensation expense under the Company’s Incentive Plan is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Expense from time-based awards (a) | ​ | $ | 9,635 | ​ | $ | 10,849 | ​ | $ | 12,305
Expense from performance-based awards (a)(b) | ​ | ​ | 3,338 | ​ | ​ | 2,942 | ​ | ​ | 3,718
Expense from bonus to be settled in shares (c) | ​ | ​ | 3,654 | ​ | ​ | 5,064 | ​ | ​ | 3,513
Equity-based compensation expense | ​ | $ | 16,627 | ​ | $ | 18,855 | ​ | $ | 19,536
Tax benefit from equity-based compensation | ​ | ​ | (2,501) | ​ | ​ | (2,776) | ​ | ​ | (2,834)
Deficit / (excess) tax benefit from equity-based compensation | ​ | ​ | 706 | ​ | ​ | 1,001 | ​ | ​ | 965
Net compensation cost | ​ | $ | 14,832 | ​ | $ | 17,080 | ​ | $ | 17,667
(a) | Includes $0.7 million of expense recognized for time-based awards and $0.6 million of expense recognized for performance-based awards, for the year ended December 31, 2025, for inducement awards granted to the Company's CEO, Erik Carlson, in the fourth quarter of 2023, and two additional employees hired during the second half of 2025. As of December 31, 2025, 804,311 restricted stock units remain outstanding assuming maximum achievement of the CEO performance awards.
(b) | Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions.
(c) | A portion of the annual corporate bonus earned is to be settled in shares. These amounts are recognized as “Accrued liabilities” in the Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued.
Time-based awards |
Schedule of Restricted Stock Units | The following table summarizes equity-based compensation activity related to time-based restricted stock units and restricted stock awards:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Weighted average grant date fair value per share
Balance, January 1, 2025 | ​ | 1,743,345 | ​ | $ | 10.40
Granted (a) | ​ | 1,656,049 | ​ | $ | 8.80
Shares vested (including tax withholding) (b) | ​ | (907,191) | ​ | $ | 11.17
Forfeited | ​ | (488,340) | ​ | $ | 9.46
Balance, December 31, 2025 | ​ | 2,003,863 | ​ | $ | 8.96
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(a) | The weighted average grant date fair value per share for the years ended December 31, 2024 and 2023 were $8.77 and $15.50, respectively.
(b) | Pursuant to the terms of the Incentive Plans, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards.
Performance-based awards |
Schedule of Restricted Stock Units | The following table summarizes equity-based compensation activity related to PSUs:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Weighted average grant date fair value per share
Balance, January 1, 2025 | ​ | 1,025,661 | ​ | $ | 6.22
Granted (a) | ​ | 741,435 | ​ | $ | 9.27
Shares vested (including tax withholding) (b) | ​ | (237,463) | ​ | $ | 11.40
Forfeited | ​ | (334,429) | ​ | $ | 9.86
Balance, December 31, 2025 | ​ | 1,195,204 | ​ | $ | 6.06
(a) | The weighted average grant date fair value per share for the years ended December 31, 2024 and 2023 were $8.81 and $7.95, respectively.
(b) | Pursuant to the terms of the Incentive Plans, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards.
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